Paychex CEO's pay increases 20%

Paychex Inc.’s president and CEO earned an annualized base salary of $800,000, up from the $666,000 he received last year. Paychex disclosed the salaries of Mucci and other top executives in a proxy statement filed with the SEC late Friday.

Mucci also was given $5.3 million in stock and options, up from $1.9 million last year.

His actual incentive compensation earned was $819,280, which the filing noted was lower than anticipated.

“For fiscal 2012, our CEO earned an annual incentive program payout of 85 percent of target and, on average, other applicable NEOs earned 84 percent of target,” the filing noted. “This compensation was less than target largely as the result of actual service revenue and annualized new business revenue that were lower than target.”

Mucci’s salary is below the median for CEOs in the company’s peer group, the filing reported.

In June, Paychex reported $2.2 billion in total revenue for the fiscal year ended May 31, a 7 percent increase from $2.1 billion of the prior year. Net income and diluted earnings per share increased 6 percent to $548 million and $1.51 per share, respectively.